Avon Products, Inc. saw its shares rise to $23.10 in morning trade today, a 19 percent increase since last Friday’s unsolicited cash proposal from Coty Inc. to acquire the New-York based cosmetics giant for $10 billion in cash.

Avon rejected Coty’s bid, saying it “substantially undervalues” the company and was not in the best interest of its shareholders, who would have received only a 20 percent premium over the Company’s closing share price on March 30, 2012. The Avon Board said in a statement that the offer did not reflect “the fundamental value of Avon and its global beauty care franchise.”

Coty is a privately held company that is majority-owned by Joh. A Benckiser, the largest shareholder in the European consumer-products maker Reckitt Benckiser Group Plc (RB). The Company sells perfumes by Heidi Klum and Beyonce Knowles and holds licenses for Calvin Klein and Marc Jacobs brands.